Regency Centers completes sale of US$250M in 4.80% senior unsecured notes due 2021; portion of proceeds will be used to pay off near-term debt
October 7, 2010
– Regency Centers Corporation (NYSE:REG - News) announced today that its operating partnership, Regency Centers, L.P., completed the sale of $250 million of 4.80% ten-year senior unsecured notes under its existing shelf registration statement. The notes are due April 15, 2021 and were priced at 99.860%. Interest on the notes will be payable semiannually on April 15th and October 15th of each year, beginning on April 15, 2011. A portion of the net proceeds will be used to repay a portion of our outstanding indebtedness that matures in 2011 and 2012, including a portion of our $250 million of 6.75% notes due January 15, 2012 and our $173 million of 7.95% notes due January 15, 2011. Approximately $35 million of the net proceeds will be used to settle an existing interest rate swap and the remaining portion of the net proceeds, if any, will be used for general corporate purposes, including the repayment of our line of credit.
J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint book-running lead managers for the transaction. The co-managers were Comerica Securities Inc., Daiwa Capital Markets America, Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Morgan Keegan & Company Inc., PNC Capital Markets LLC, RBC Capital Markets Corporation, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
A copy of the prospectus supplement and accompanying prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting the underwriters at J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179 – telephone (212) 834-4533 (collect) or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attn: Syndicate Operations – telephone (800) 326-5897 or firstname.lastname@example.org.
Regency Centers Corporation (NYSE:REG - News)
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At June 30, 2010, the Company owned 398 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53.1 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 201 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Forward-looking statements involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Regency Centers Corporation with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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